We have something similar. Our neighborhood has a Road Assoc that takes care of the two primary roads. We have a board, yearly metting, yearly dues which are used for road maintenance. If you want speed bunmps, they have to voted in. Or out. Road Assoc only takes care of the roads, nothing else(it is not an HOA).
Unfortunately, we had speed bumps thre wwhen we moved in. Wife and I HATE them, but they were there when we moved in; we knew about them. Over the years, one was removed as part of a tearout and repair of the road.
Ours are suppossed to be 15mph bumps(one of our ould naeighbors was road engineer). My car soaks them up like they are not there, but the truck... I have followed when my wife had seperate errand in truck. going 10-15mph, there rear tires bounce in the air...!
Years ago, the Assoc decided on 15mph signs. I never go that slow. 25mph is general speed limit in residentail area's; I go 25.
Even with the speed bumps, many go much faster. Interestingly, it is a couple of the younger drivers, but mostly the ladies who live in the neighborhood.
Speed bumps just suck. And only seem to slow down the ones who would go slow anyways. They really suck for our neighbors who tow horse/horse trailers...
I still volunteer on the local fire department. Speed bumps really stink when you are on a fire engine, medic, water tender... Especially responding to an emergency.
We have private Road Associations in Maine. They have good support under state law and are common.
The private road I lived on was not an easement, it was not included in anyone's property. The deeds said all who owned land (home built on it or not) accessed by the road had an equal interest in the road. Our Road Association dealt with upkeep and snow plowing. We had an annual meeting to discuss any issues and set the budget that was hosted by someone on the road with potluck snacks.
Maybe there is something similar in IN.